February Gold created a bullish impulse leg on the hourly chart without having reached the 1133.70 downside target proffered in yesterday’s tout.  This is quite bullish on the face of it and suggests that the correction from last Wednesday’s 1227.50 peak has already run its course. We’ll hold bullion to a higher standard, however, and continue to monitor its vital signs each step of the way.  At the moment, our benchmark is an 1181.50 rally target, assuming the futures can first get past its sibling midpoint at 1167.50.   The bounce so far has gotten as high as 1164.20, so bulls will need to do a little better to earn safe passage to the 1181.50 Hidden Pivot. Traders and night owls should look for camouflage opportunities near 1160.30, since that’s where a buy signal was triggered during the night session. The signal will remain valid as long as there’s no dip below 1153.20, the point ‘C’ of the pattern. _______ UPDATE (9:50 a.m. EST): The futures aborted the rally to 1181.50 in the pre-dawn and have since taken an unconcvincing dive lower.  A re-test of Monday’s lows near 1136.00 seems likely, but in any case, it would take a print of at least 1177.60 to turn the lesser charts decisively bullish once again.